EURGBP Wave Analysis – 16 September, 2020

• EURGBP reversed from resistance area

• Likely to fall to 0.9100

EURGBP recently reversed down from the resistance area lying at the intersection of the powerful resistance level 0.9300 and the resistance trendline of the wide weekly up channel from April.

The downward reversal from this resistance area started the active short-term corrective wave (ii).

EURGBP is likely to fall further toward the next support level 0.9100 – the breakout of which will lead to further losses toward 0.9000 (target price for the completion of the active wave (ii)).